Construction will soon begin on a heavily funded healthcare
park, believed to be the country's largest, in Suzhou's Wujiang
Industrial Development Zone.
The park, which will cost an estimated 16 billion yuan in three
years, will cover 200 hectares and produce healthcare products,
said Zhao Lu, CEO of Suzhou International Healthcare Park Co
Ltd.
The zone's management committee has signed a leasing agreement
with the company to push forward the park.
A source with the Wujiang city government said the aim of the
healthcare park is to restructure local industry.
Wujiang, a small city under Suzhou's jurisdiction, now has three
pillar industries: textile, telecommunications and IT.
"But we hope the new industry will make big contributions to the
growth of the city's gross domestic product," said Wujiang Party
secretary Zhu Min.
Zhao said initial funds of 700 million yuan will be injected
into the first phase of the project to build service facilities on
an area of some 50 hectares.
The remaining land will be used to build standard units leased
to healthcare producers. The entire project is scheduled to be
completed by 2010.
"Funds are not a problem for the company, because it has signed
agreements with local financial institutions for a considerable sum
of loans," he said.
Agreements have been signed with five Chinese banks, including
Bank of China, the Industrial and Commercial Bank of China and
Agricultural Bank of China, for loan support.
Zhao told China Daily that a part of the funding will come from
foreign investors. To date, 10 investors from Japan, the US and
other countries have signed letters of intent with the company to
produce healthcare products in the park.
(China Daily June 26, 2007)